8-K 1 ffm03ff1.txt MAY 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 Form 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 27, 2003 FIRST FRANKLIN MORTGAGE LOAN TRUST Asset Backed Certificates, Series 2003-FF1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-104153-02 Pooling and Servicing Agreement) (Commission 54-2110371 (State or other File Number) 54-2110372 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank Minnesota, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) ITEM 5. Other Events On May 27, 2003 a distribution was made to holders of FIRST FRANKLIN MORTGAGE LOAN TRUST, Asset Backed Certificates, Series 2003-FF1 Trust. ITEM 7. Financial Statements and Exhibits (c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2003-FF1 Trust, relating to the May 27, 2003 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FIRST FRANKLIN MORTGAGE LOAN TRUST Asset Backed Certificates, Series 2003-FF1 Trust By: Wells Fargo Bank Minnesota, N.A., as Trustee By: /s/ Beth Belfield, Assistant Vice President By: Beth Belfield, Assistant Vice President Date: 6/2/03 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2003-FF1 Trust, relating to the May 27, 2003 distribution. EX-99.1

~~Initial~~First ~~Certificate~~Franklin ~~Principal~~Mortgage ~~Class~~Loan ~~Balance~~Trust orAsset-Backed ~~Notional~~Certificates ~~Amount~~Record ~~Pass~~Date: 4/30/03 Distribution Date: 5/27/03 FFM Series: 2003-~~through~~FF1 ~~Rate~~Contact: Customer Service - CTSLink Wells Fargo Bank Minnesota, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-~~---~~6600 Fax: (301) 815-~~-------------------------~~6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-~~----------------~~Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 $32027NBX8 SEN 2.23400% 394,105,000.00 2733,692.~~234%~~12 1,122,208.69 A-2 $32027NBY6 SEN 2.26500% 133,626,000.00 2252,219.~~265%~~07 1,824,650.26 M-1 $32027NBZ3 MEZ 2.68800% 27,140,000.00 260,793.~~688%~~60 0.00 M-2 $32027NCA7 MEZ 3.07000% 25,633,000.00 ~~Variable~~69,949.61 0.00 M-3F $32027NCB5 MEZ 5.59200% 8,500,000.00 539,610.~~592%~~00 0.00 M-3V $32027NCC3 MEZ 3.82000% 5,070,000.00 ~~Variable~~17,215.47 0.00 M-4 $32027NCD1 MEZ 4.32000% 3,920,000.00 ~~Variable~~15,052.80 0.00 R-1 FFM3FF1R1 SEN 0.00000% 0.00 0.00 0.00 C $FFM03FF1C SEN 0.00000% 5,125,991.09 ~~N/A~~2,083,400.25 0.00 P $FFM03FF1P SEN 0.00000% 100.00 ~~N/A~~36,180.77 R0.00 ~~100~~DIV_CERT SEN 0.00000% ~~N/A~~0.00 0.00 0.00 Totals 603,120,091.09 3,308,113.69 2,946,858.95

~~Exhibit~~Certificateholder NoDistribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~Description~~392,982,791.31 1,855,900.81 0.00 A-2 0.00 131,801,349.74 2,076,869.33 0.00 M-1 0.00 27,140,000.00 60,793.60 0.00 M-~~--------~~2 0.00 25,633,000.00 69,949.61 0.00 M-~~----------~~3F 40.100 ~~Pooling~~8,500,000.00 ~~and~~39,610.00 ~~Servicing~~0.00 ~~Agreement~~M-3V 0.00 5,070,000.00 ~~dated~~17,215.47 as0.00 ofM-4 ~~April~~0.00 13,920,000.00 ~~2003~~15,052.80 by0.00 ~~and~~R-1 ~~among~~0.00 ~~Financial~~0.00 ~~Asset~~0.00 ~~Securities~~0.00 ~~Corp~~C 0.00 as5,126,520.77 ~~Depositor~~2,083,400.25 ~~Fairbanks~~0.00 ~~Capital~~P ~~Corp~~0.00 as100.00 ~~Servicer~~36,180.77 ~~and~~0.00 ~~Wells~~DIV_CERT ~~Fargo~~0.00 ~~Bank~~0.00 ~~Minnesota,~~0.00 ~~National~~0.00 ~~Association~~Totals as0.00 ~~Trustee~~600,173,761.82 ~~relating~~6,254,972.64 to0.00 All distributions required by the ~~Series~~Pooling ~~2003-FF1~~and ~~Certificates~~Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

~~Index~~Principal toDistribution ~~Exhibits~~Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 394,105,000.00 394,105,000.00 0.00 1,122,208.69 0.00 0.00 A-2 133,626,000.00 133,626,000.00 0.00 1,824,650.26 0.00 0.00 M-~~--------------~~1 ~~Sequentially~~27,140,000.00 ~~Exhibit~~27,140,000.00 No0.00 ~~Description~~0.00 ~~Numbered~~0.00 ~~Page~~0.00 M-~~----------~~2 25,633,000.00 25,633,000.00 0.00 0.00 0.00 0.00 M-~~----------~~3F 8,500,000.00 8,500,000.00 0.00 0.00 0.00 0.00 M-~~------------~~3V 45,070,000.100 ~~Pooling~~5,070,000.00 ~~and~~0.00 ~~Servicing~~0.00 ~~Agreement~~0.00 0.00 M-4 3,920,000.00 ~~dated~~3,920,000.00 as0.00 of0.00 ~~April~~0.00 70.00 R-1 0.00 0.00 0.00 0.00 0.00 0.00 C 5,125,991.09 ~~2003~~5,125,991.09 by0.00 ~~and~~0.00 ~~among~~0.00 ~~Financial~~0.00 ~~Asset~~P ~~Securities~~100.00 ~~Corp~~100.00 as0.00 ~~Depositor,~~0.00 ~~Fairbanks~~0.00 ~~Capital~~0.00 ~~Corp~~DIV_CERT 0.00 as0.00 ~~Servicer~~0.00 ~~and~~0.00 ~~Wells~~0.00 ~~Fargo~~0.00 ~~Bank~~Totals ~~Minnesota~~603,120,091.09 ~~National~~603,120,091.09 ~~Association~~0.00 as2,946,858.95 ~~Trustee~~0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, ~~relating~~Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the ~~Series~~Prospectus ~~2003-~~Supplement ~~FF1~~for ~~Certificates~~a Full Description.

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